National Grid reassures PSC that it’s on right path

National Grid sent a letter to the New York State Public Service Commission on Wednesday reassuring the commission that it is undertaking an independent review of its accounting practices that led to some embarassing moments in its $370 million rate hike request.

The British utility company, which serves large portions of upstate New York and New England, was forced to withdraw more than $4 million in costs it had included in the rate request after it was uncovered that some of the costs – like shipping for a wine collection and private school tuition – were not supposed to be passed onto customers.

In a letter to the PSC, National Grid USA President Tom King wrote that he is “personally sponsoring” the hiring of The Liberty Consulting Group to review the was the company allocates costs between customers and shareholders.

“We look forward to the independent review assisting us in identifying policies and proceedures that need revising or refreshing to ensure that we account for all expenses appropriately,” King wrote.